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Value of VR still mainly in early adoption as SMEs consider investment

A survey by Clutch has found that 17% of small businesses are considering investing in VR and AR in 2017.

The survey of 350 small business owners and managers found that 59% are anticipating revenue growth in the coming 12 months. 49% are planning to invest in marketing and advertising.

Among these increased marketing efforts, a growing number of firms are considering the potential of AR and VR.

The value of early adoption

It seems that the main reason many companies are considering is not for a specific marketing function. Rather, the perceived value still comes from being seen as an early adopter.

The cost of VR equipment is still a prohibitive barrier for many smaller companies.

Recently, a forecast by the IDC predicted that the AR and VR headset market will grow by 58% by 2021. Whether this growth is driven by enterprise or consumer sales is unclear at this point.

“While there was clear demand coming primarily from technology enthusiasts,” Ramon Llamas, research manager at IDC’s augmented and VR team said. “What became readily apparent were the use cases for enterprise users across multiple verticals and for consumers with gaming and content consumption.”

VR and AR are likely to remain predominantly concerns of the entrainment and gaming industries in the coming years. This means that smaller companies looking to invest will probably still be using then technology to create marketing experiences rather than fully integrating into their service offerings.